AIG Gets A Third Bailout

*sigh*

From Michelle Malkin:

In the dark of night last night, the Bush administration and AIG hammered out a plan to confiscate more of my money and yours For The Good Of The Economy. The first $85 billion didn't work. The next $38 billion work. So let's throw more bad money after bad! Who needs Obama? Like I've said repeatedly over the last year, statism and socialism are here and now. Via WSJ:

The U.S. government reached a deal Sunday night to scrap its original $123 billion bailout of American International Group Inc. and replace it with a new $150 billion package, according to people familiar with the matter. While the arrangement stands to considerably ease terms on the faltering insurer, it gives the government an unprecedented role as an actor in financial markets…Under the terms ironed out late Sunday, the government would give AIG more money, including $40 billion from the U.S. Treasury's $700 billion Troubled Asset Relief Program. It would also receive less interest than on the bulk of the original loan, while freeing AIG from exposure to some of the risky financial instruments that nearly caused it to file for bankruptcy protection.

The $150 billion in government aid consists of a $60 billion loan, a $40 billion preferred-stock investment and $50 billion in capital largely to purchase distressed assets which are to be placed into two separate financing entities."

These people don't know what the hell they are doing. (See: "Effectiveness of AIG's $143 Billion Rescue Questioned") And now they want more.

Early this morning, AIG sent me an e-mail from its new "Blog Relations" department. Yes, when they're not using our tax dollars to fund spa retreats for themselves, they are paying flacks to tell me how taking more of my money and yours is good for us.

So, not only is there none of the promised transparency, but the biggest bailouts do not even appear to be working.  Sound familiar?  I hate to beat a dead horse, but...: Told You So!

Now, how about listening to some conservatives as we move forward?

There's my two cents.